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Market drops in early trade; breadth strong

·3-min read

Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 285.03 points or 0.57% at 49,851.55. The Nifty 50 index was down 62.65 points or 0.42% at 14,782.45. Asian stocks are trading mixed.

The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.4%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1219 shares rose and 797 shares fell. A total of 114 shares were unchanged.

Stocks in news:

Tata Consultancy Services (TCS) rose 0.49%. TCS announced that it has renewed its strategic partnership and services footprint with Nationwide Building Society, the world's largest building society and one of the largest savings and mortgage providers in the UK, to help strengthen the latter's enterprise agility and operational resilience.

SpiceJet rose 2.78%. SpiceJet has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease‐back of 50 new planes to be ordered by the airline.

SJVN slipped 0.19%. SJVN has been awarded 70 MW grid connected Solar Power Project in the state of Gujarat.

VA TECH WABAG advanced 2.48%. The company has completed the Financial Closure for its Hybrid Annuity Model ('HAM') project received from Bihar Urban Infrastructure Development Corporation (`BUIDC0').

KNR Constructions gained 3.6%. The company is in receipt of Letter of Acceptance for Six laning of Ramanattukara Junction to start of Valanchery bypass section of NH - 66 (old NH-17) from Design Ch. 258+818 (Ex. km 27.840 of Kozhikode bypass) to Design Chainage 298+500 (Ex. km 304.250) on Hybrid Annuity Mode under Bharatmala Pariyojana in the state of Kerala.

IRB Infrastructure Developers jumped 7.16%. The company announced addition of two new PPP projects in the company's portfolio.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors waited for the release of Chinese economic data.

In economic developments, China's factory activity expanded at a faster-than-expected pace in March. The official manufacturing Purchasing Managers Index (PMI) rose to 51.9 from 50.6 in February, data from the National Bureau of Statistics (NBS) showed today.

Japan's industrial output fell in February. Official data released today showed factory output shrank 2.1% from the previous month in February, dragged down by falls in production of cars, electrical machinery and information and communication equipment.

U.S. stocks fell Tuesday as major technology shares came under pressure again after the 10-year Treasury yield touched its highest level since January 2020.

The 10-year Treasury yield climbed 6 basis points to top 1.77% earlier Tuesday, hitting its highest level in 14 months as vaccine rollouts and expected infrastructure spending boosted the outlook for a broad economic recovery and rising inflation. The benchmark rate later turned flat at 1.72%.

The Conference Board's Consumer Confidence Index surged in March to 109.7, its highest reading in a year.

Back home, the domestic equity benchmarks ended with robust gains on Tuesday, mirroring firm global stocks. The barometer index, the S&P BSE Sensex, soared 1,128.08 points or 2.30% at 50,136.58. The Nifty 50 index surged 337.80 points or 2.33% at 14,845.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 769.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,181.01 crore in the Indian equity market on 30 March, provisional data showed.



Source: Capitalmarket.com